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Tuesday, November 12, 2019

Why doesn't Streisand pay an extra $7 million in taxes now?

I was going to do this on Rob Reiner, but everyone picks on him. Even South Park.

Then I was going to write this about Scarlett Johansson, but all the GIFs on her were a little too saucy for my blog. So I settled on the ever reliable model of limo limousine hypocrisy, Barbra Streisand.

Along with Reiner, Johansson, Norman Lear, and other rich celebrities, she supports Elizabeth Warren.

In 2011, Streisand emailed Politico and said, "In the last several years, there has been one new, consistent and strong voice that has broken through the oftentimes murky and ineffectual cacophony about the economic problems facing our nation. That voice has been the voice of Elizabeth Warren. She has advocated passionately, brilliantly and forcefully in defense of a strong middle class."

Hollywood really got behind Warren in 2011 when she ran against and defeated Republican Senator Scott Brown the next year.

Now many are backing her for president because she has proposed to forgive $1.6 trillion in student loans, ban private health insurance, and create trillion-dollar global warming programs.

This would be paid in part by a billionaire's tax.

Unlike an income tax, this would be a property tax on assets and bank accounts. The annual tax would be 2% on a person's net worth.

Billionaires would be a small portion of the pool because Warren would tax anyone whose net worth is more than $50 million.

A better way to envision this is it is a tax on everyone's wealth with a deductible of $50 million, which could always be lowered as the government's bills pile up.

With a net worth of $400 million, Streisand's Billionaire Tax Bill would be $7 million on top of whatever income tax she pays.

My question is if this is such a great idea, why does Streisand not simply add $7 million a year to the taxes she pays? Such donations are legal and to prove my point, I donated $100 to the U.S. government on top of paying my taxes. This explains how to do it.

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